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Showing 289–304 of 380 results

  • Estate Planning Red Flag – You have an interest in or authority over a trust that holds foreign accounts

    September / October 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 277

    Abstract: During the last few years, the IRS has stepped up its enforcement of the Report of Foreign Bank and Financial Accounts (FBAR) rules. To discourage taxpayers from hiding foreign accounts, these rules require U.S. citizens, residents and entities to file annual returns disclosing financial interests in, or signature authority over, foreign bank and investment accounts with an aggregate value of more than $10,000. This article explains who is subject to FBAR reporting requirements and the kinds of interests that must be disclosed.

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  • Take care of a loved one who has special needs with an SNT

    September / October 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 739

    Abstract: Special needs trusts (SNTs) benefit children or other family members with a disability that requires extended-term care or that prevents them from being able to support themselves. This trust type can provide peace of mind that a loved one’s quality of life will be enhanced while not disqualifying him or her for Medicaid or Supplemental Security Income (SSI) benefits. This article examines what an SNT can and cannot pay for, and explains the language that it should contain to ensure it doesn’t disqualify the beneficiary from government benefits and will protect the assets against creditors’ claims.

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  • Shopping for tax savings – Relocating a trust to a tax-friendly state

    September / October 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 625

    Abstract: If a trust is subject to high state income taxes, it may be possible to change its residence — or “situs” — to a state with low or no income taxes. But not all trusts are the same — nor are state laws. This article explains which types of trusts may be good candidates for relocation, along with the factors that states use in determining a trust’s state of “residence” for tax purposes. It also discusses the steps involved in moving a trust.

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  • Pension payouts: What’s the best option?

    September / October 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 929

    Abstract: One tough decision that retirees face is choosing the best option for receiving payouts from a pension plan. Would a lump-sum payment be the best option, or would it be better to go with an annuity? If the latter, is it better to go with single life or joint life? What about combining a single-life pension payout with a life insurance policy? As this article explains, the answers depend on such factors as the beneficiary’s and spouse’s actuarial life expectancies, current health conditions and family medical histories, along with current financial needs and the possible desire to provide a spouse with a continuing source of current income. A sidebar shows how a breakeven analysis can assist the decision-making process.

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  • Estate Planning Red Flag – You haven’t planned for incapacity

    July / August 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 302

    Abstract: Estate planning is often associated with death. But it’s just as important for a plan to address incapacity associated with illness, injury, advanced age or other circumstances. This article looks at three planning tools for financial decisions (a revocable living trust, a durable power of attorney, and joint ownership) and two tools for health care decisions (a health care power of attorney and a living trust).

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  • Are your loved ones’ inheritances protected? Add spendthrift language to a trust to safeguard assets

    July / August 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 448

    Abstract: Despite its name, the purpose of a spendthrift trust isn’t just to protect profligate heirs from themselves. Adding spendthrift language to a trust benefiting one’s heirs can help safeguard assets from their creditors, or in the event of relationship changes. This article explains how a spendthrift trust works.

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  • Estate planning isn’t just about taxes

    July / August 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 589

    Abstract: Estate taxes are only one piece of the estate planning puzzle. In fact, there are critical nontax issues to think about. This article looks specifically at appointing a guardian for children; avoiding probate through a revocable “living” trust; protecting assets against creditors’ claims; and designing a trust to incentivize the beneficiary’s behavior.

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  • The GST tax exemption – A tool to generate future tax savings

    July / August 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1169

    Abstract: The generation-skipping transfer (GST) tax can have harsh consequences. Those who take full advantage of GST planning strategies, however, have an opportunity to shield their wealth from tax and build a lasting legacy. This article discusses three types of transfers that may trigger GST taxes, and illustrates strategies to allocate the GST tax exemption in a manner designed to produce the greatest tax savings. A sidebar shows why automatic-allocation rules regarding the exemption don’t always work in a taxpayer’s best interest.

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  • Estate Planning Red Flag – Your estate plan contains a formula clause

    May / June 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 315

    Abstract: If one’s estate plan contains a formula clause tied to the federal estate tax exemption, it’s a good idea to review it in light of changes made by the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. As this article explains, formulas may need to be adjusted to avoid unintended results.

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  • Are you protecting your business interests?

    May / June 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 512

    Abstract: This article describes several business asset-protection strategies that owners should consider implementing to help ensure that their business will remain a valuable asset for their heirs. These include creating separate entities, stripping the company of equity, or distributing accumulated earnings to the owners. But, as a sidebar explains, the time to implement asset-protection strategies is well before the company runs into trouble with creditors’ claims. Otherwise one could run afoul of fraudulent conveyance laws.

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  • 2010 Tax Relief act – 2 notable omissions provide continuing opportunities

    May / June 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 649

    Abstract: The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 is notable not only for the changes it made, but also for those it omitted to make. It did not, for example, adopt proposals that would have reduced the tax-saving opportunities inherent in grantor retained annuity trusts (GRATs), family limited partnerships (FLPs) and family limited liability companies (FLLCs). But there’s no guarantee that Congress won’t revisit these proposals in the future. Plus these strategies may be even more powerful while the gift tax exemption is $5 million. So, as this article explains, those considering setting up a GRAT, FLP or FLLC may find that it’s a good idea to do so sooner rather than later.

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  • Lifetime gifts are more important than ever

    May / June 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 989

    Abstract: The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 has created an unprecedented opportunity for affluent taxpayers to remove substantial amounts of wealth from their estates through lifetime gifts. It’s increased the gift and estate tax exemptions, and reduced the top rate for these taxes, but for 2011 and 2012 only. It’s uncertain whether Congress will make these changes permanent, so those who have the ability to make large gifts may find it beneficial to do so this year or next. This article offers details about the increased exemption, the tax-saving power of annual exclusion gifts and direct payments of tuition and medical expenses. And a sidebar explains why credit shelter trusts are still a good idea.

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  • Estate Planning Red Flag – Crummey powers provide for withdrawal of a specific dollar amount

    March / April 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 277

    Abstract: A lifetime gifting plan that takes advantage of the $13,000 per recipient annual gift tax exclusion can be a powerful strategy for transferring wealth tax free. But the exclusion is available only for gifts of present interests. This can be a problem for contributions to trusts, which are generally considered gifts of future interests. This article discusses Crummey powers, which give trust beneficiaries the right to withdraw contributions for a specified period after they’re made, and which convert a future interest into a present interest that qualifies for the annual exclusion.

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  • Helping a family member in need – Don’t let your intrafamily loan run afoul of the IRS

    March / April 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 801

    Abstract: When lending money to family members, the first question to ask is: “Is this transaction truly a loan?” If the IRS concludes that the transaction isn’t a bona fide loan, it will recharacterize it as a taxable gift. By formalizing the transaction and treating it as a loan, it’s possible to avoid negative tax consequences and have the necessary documentation to support a bad-debt deduction in the event the borrower defaults. This article examines the difference between a loan and a gift, appropriate interest rates, and how the type of loan affects income and gift taxes.

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  • Do you have a succession plan for your vacation home?

    March / April 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 563

    Abstract: Few estate planning issues are as emotionally charged as the disposition of the family home. And emotions may run even higher with vacation homes, which often evoke even more fond memories. So it’s important to address one’s vacation home in an estate plan. This article discusses considerations that should be addressed in transferring a home. Or, for those who are not yet ready to give up ownership, it explores other strategies, such as a qualified personal residence trust (QPRT) or qualified terminable interest property (QTIP) trust.

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  • A simple strategy – Pair an IDGT and an installment sale to pass on your business

    March / April 2011
    Newsletter: Estate Planner

    Price: $225.00, Subscriber Price: $157.50

    Word count: 933

    Abstract: For many people, a family business is a significant source of wealth, so passing it on to the next generation in a tax-efficient manner is an important estate planning goal. One of the simplest and most effective strategies available is an installment sale to an intentionally defective grantor trust (IDGT), thereby allowing the transfer of the business free of capital gains and gift taxes, and allowing any future appreciation in value to go to heirs estate-tax free. This article shows what to consider in setting up an IDGT, with a sidebar listing some specific pros and cons.

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